15 NZ hi-tech firms eligible to $13 million in Growth Grants

Steven Joyce, science and innovation minister, has announced 15 companies have met the eligibility criteria for the research and development (R&D) Growth Grants from Callaghan Innovation.

The 15 companies will be able to invest in R&D with $13 million in Growth Grants.

The grants are aimed at increasing the levels of R&D investment in New Zealand, bringing this country closer to its major trading partners. This money will meet 20% of the cost of an eligible firm’s R&D programme.

“These companies are a crucial part of our efforts to boost levels of private R&D spend in New Zealand and diversify the New Zealand economy," says Joyce.

"Studies show business-led innovation is a key driver of economic growth and helps to ensure New Zealand companies remain competitive internationally," he says.

“Through these grants, high-value manufacturers and service providers will be able to innovate faster and grow further. That in turn will help lift New Zealand’s export revenues, job numbers, and the incomes of Kiwi families," Joyce says.

Since the grants were introduced in Budget 2013, 125 hi-tech companies in total have been awarded Growth Grants worth up to $309 million over three years. On top of this, 16 companies are currently receiving the predecessor Technology Development Grants.

“These grants are helping a large number of innovative companies that produce world-leading, high-value products and high-quality jobs for New Zealanders to invest in innovation, boost growth and increase exports,” Joyce says.